Tourism seen as key to fight possible recession

Economy Minister Antonio Costa Silva said Portugal must diversify its exports, namely in the tourism sector, to „minimise“ the impact of a possible recession in Europe.

„We can have no illusions: if there is a recession in Germany, its impact will be significant across Europe,“ he said, stressing that a commitment to the tourism sector at a national level was crucial.

Antonio Costa Silva was speaking in Funchal as part of the opening ceremony of the Madeira delegation of SEDES – the Association for Economic and Social Development – in which he was one of the speakers, on the central theme of ‚Madeira’s role in the national economy‘.

„Tourism is a great example that diversification can eventually fill the gaps that may exist in Germany or the United Kingdom,“ he said, highlighting the 30 per cent increase in tourists from the United States recorded this year.